Posted on 02/01/2016 11:42:48 AM PST by bananaman22
Short but potentially very important note for the oil market over the weekend. From a place that’s been one of the major focus points for the petroleum industry lately.
That’s Iran. Where the threat of rising oil exports has been weighing on crude prices now that Western sanctions against the former “rogue†nation are being lifted.
That has led many analysts to conclude that supplies from Iran could ramp up fast over the coming months.
But events this past Saturday suggest it may not be quite that easy.
(Excerpt) Read more at oilprice.com ...
All the oil Iran is “going to put on the market” has been on the market the entire time.
It’s just shuttled to and fro and become oil from somewhere else.
All that has happened is the middle man is out the $.50/bbl he charged to launder it.
Aw, that's sad.
Good.
Iran can maybe crank out an additional 500 mbo/d over their current production of the last several years in the next 3 to 4 years at most. For the last several years they have produced 3.2 to 3.5 mmbo/d that went somewhere and they haven’t been eating or storing it.
This oil “glut” is way over blown.
I have never seen so much chaos and confusion on every front in the last 60 years. We are ripping apart on fear, uncertainty and doubt.
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